Crypto market cap experiences a 7.2% decline, as per CoinGecko’s report.
As per the latest data from CoinGecko, a prominent global aggregator of cryptocurrency information, the overall value of the cryptocurrency market has dropped to $1.7 trillion, experiencing a 7% decline within the past 24 hours.
Accompanying this decrease in market capitalization is a 6.6% fall in the price of Bitcoin, a 7.8% decline in the price of Ethereum, and a 4% drop in the price of BNB.
Moreover, CoinGecko’s report highlights the surging popularity of FEG BSC as the top trending cryptocurrency today.
The decline in market capitalization, which measures the total value of all mined coins, is being compared to two significant market developments. Firstly, while Jim Cramer’s positive outlook on Bitcoin has been well-received, the “inverse Cramer” theory advises caution, as some investors consider his bullish stance to be a potential contrarian indicator, raising concerns about an overheated market.
Secondly, there was a decrease in the price of Bitcoin over a span of three hours, triggered by a report from Matrixport, a crypto financial services firm. The report indicated that the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) is unlikely.
At the time of writing, the total trading volume in the cryptocurrency market over the last day amounted to $145 billion, with Bitcoin accounting for 49% and Ethereum for 15.5% of the volume. The report encompasses data from 11,982 cryptocurrencies, with the Polkadot ecosystem tokens and BRC-20 cryptocurrencies showing the most significant gains in the industry.
For more information, CoinGecko provides an in-depth analysis of the largest crypto airdrops in history. Stay updated by following us on Google News.
